The Block ReportBlockReport

House report

3401 Wallace St

4 stories · 15,950 sqft · RSA5 · built 2021

Investor / LLC · assessed $2.4M · sold 1×. On the 3400 block of Wallace St.

Street view of 3401 Wallace St
From the street — imagery © Google
From above — imagery © Esri, Maxar

Property summary

Assessment$2.4MCity assessed value Last sale—No sale value available Est. taxes$3K/yearAnnual city record Permits1Shown in this report ViolationsNone openNo open L&I cases

What stands out

From the public record
Finding

New construction

Why it matters

Bought for $359K in 2018, built new under a 2021 permit (tax-abated).

View supporting records →

What to do with this

The record, translated into moves — what a buyer, the owner, and a landlord would each want to check next under Philadelphia's actual rules.

If you’re buying

The tax bill is temporary

Today's $3,351/yr reflects a 10-year abatement. It jumps to about $33,513/yr in 2032 — $30,162/yr more. Price the full bill, not the current one.

Zoned RSA5: one household by right

Single-family rowhouse (the classic Philly row). Converting to a duplex or apartments needs a use variance the zoning board rarely grants — Pennsylvania courts require a physical hardship of the lot itself, and economics alone do not qualify.

If you own it

$4,546 in back taxes on record

Interest and penalties keep compounding until a Revenue payment agreement is in place — an owner-occupant agreement also stops the sheriff-sale track.

If you’re the landlord

Licensed rental — keep it that way

Renewal requires city tax clearance and zero open L&I violations on the property. A lapsed license suspends the right to collect rent or evict.

Derived from this house's public records and the city's rules as of 2026 (abatement ordinance, Homestead, rental licensing, lead certification, L&I process, excavation protections). Informational only — not legal, tax, or investment advice.

Who's behind it

3401 Wallace LLC · corporate / LLC owner

• Holds an active rental license for this address
• The last transfer was a nominal/family deed, not an open-market sale

PA corporate registry ↗OpenCorporates ↗City record ↗

The investment read

How this house has moved and where it's pointed: the city's assessed value (not a listing price) over 12 years, charted against its block; appreciation is that history's pace, and the 5-year figure simply extends it. Yield estimates rent-vs-price from area rents. Ask the record to dig into any number.

Assessed value
$2.4M
built 2021
Price / sq ft
$150
block $166 · below block
Appreciation
+1040%
+50%/yr, city 6.5%
In 5 years (~2031)
~$2.5M
+50%/yr own pace held 5 yrs — extrapolation, not a forecast
Est. tax / yr
$3K
0.14% effective, abated
Gross yield
—
Times sold
1
kept in the family

Value vs. the block, over time — sales, permits & L&I events marked on the line

$0$1.3M$2.5M2018: Land $359K2021: New Construction$2.4M201620222027
This houseBlock median & rangeLand buyPermit

The paper trail

New construction

Bought for $359K in 2018, built new under a 2021 permit (tax-abated).

  1. 2018 $359KLand buy
  2. 2021 New ConstructionPermit

Flags: tax-abated — the bill lags real value · active rental license · $5K back taxes · long-held within one family. Informational only — not investment advice or a consumer report (FCRA).

The abatement clock

This house pays about $3,351/yr under a 10-year tax abatement. In 2032 the bill reaches its full ~$33,513/yr — a step up of $30,162/yr, 5 assessment years out. Drag the slider.

2021: ~$2,940/yr2022: ~$2,940/yr2023: ~$2,940/yr2024: ~$2,940/yr2025: ~$2,646/yr2026: ~$2,646/yr2027: ~$3,351/yr2028: ~$3,351/yr (projected)2029: ~$3,351/yr (projected)2030: ~$3,351/yr (projected)2031: ~$3,351/yr (projected)2032: ~$33,513/yr (projected)2033: ~$33,513/yr (projected)202120322033
2027~$3,351/yrfrom the record

now: ($2,394,100 assessed − $2,154,709 abated) × 1.3998% ≈ $3,351/yr 2032: $2,394,100 assessed × 1.3998% ≈ $33,513/yr Flat 100% exemption (pre-2022 program, started 2022), then the cliff — reassessments move both lines. After expiry an owner-occupant can claim the Homestead Exemption (~$1,400/yr off); an abated home can't hold both.

The house, on paper

The city assessor's field record — the physical spec sheet behind the assessed number.

Stories
4
Interior
15,950 sqft
livable area
Lot
3,941 sqft
Exterior condition
Newer construction
city code 1
Newer construction
Interior condition
Newer construction
city code 1
Newer construction
Quality grade
B+
assessor's grade
Zoning
RSA5
city zoning code

OPA field-assessment attributes. Condition and grade are the assessor's codes, not an inspection.

Run the numbers

What owning 3401 Wallace St takes, at your price and your rate. Taxes are this house's actual bill from the city record; rent starts at the area median. Assessed value is not an asking price — set the price slider to the real one.

$2.4M
20%
6.875%
$17K/mo
Mortgage
—
P&I · 30-yr fixed
All-in monthly
—
+ taxes & insurance
Cash to close
—
down + ~4% costs
Cash flow
—
rent − all costs · /mo
Cap rate
—
NOI ÷ price
Cash-on-cash
—
year-1 return on cash in

Estimates for orientation, not advice. Assumes a 30-year fixed loan, $1,400/yr insurance, 1% of price/yr maintenance; taxes from this parcel's record (with the abatement toggle above).

Block context

3401 Wallace St sits on the 3400 block of Wallace St. Open the block report to compare its parcels, ownership and public-record history.

See the whole block →

Next door: 3405 Wallace St  ·  3407 Wallace St

Where this comes from

Methodology & freshness

City datasets are fetched live from OpenDataPhilly (phl.carto.com) and cached briefly. Dossiers re-pull automatically — on view once they're a few weeks old, plus a nightly rolling sweep — and citywide benchmarks recompute weekly. AI-written passages are generated from these records only and rejected if they state a number the record doesn't hold.

Official city record ↗  ·  L&I history ↗  ·  See the whole block  ·  Download this record (JSON)